Indian companies raised $1.13bn from overseas market

Business

Religare

Posted By: Religare

Updated: Friday, May 31, 2013, 9:39 [IST]

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Indian companies in April raised USD 1.13 billion from overseas markets through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), down 77.8 per cent from a month earlier.

Indian firms had raised USD 5.08 billion from overseas markets in March 2013.

Of the total money raised in April from overseas markets, the companies had raised USD 601.68 million through automatic route and USD 523.52 million through approval route.

Under automatic route, Mylan Laboratories Limited raised USD 200 million for import of capital goods, Bharat Forge Limited raised USD 60 million for redemption of FCCBs, JSW Projects USD 52.06 million and ATC Tires raised USD 31.67 million for expansion of new project.

Through the approval route, Adani Power Maharashtra raised USD 480 million for its power project, Nectar Life Sciences USD 24 million for refinancing of rupee loans and GAIL (India) raised USD 13.46 million for import of capital goods.